NAMA Chairman provides update on Dublin Docklands progress

NAMA Chairman provides update on Dublin Docklands progress

  • NAMA sites could deliver up to 2,000 apartments and 3.8m sq. ft. of commercial space
  • Planning approval in place for four major sites – construction already begun on one
  • Planning applications submitted for six other major sites
  • Major new initiative with CSO to improve Irish commercial property market data

The National Asset Management Agency (NAMA) is making major progress in delivering up to 2,000 new apartments and 3.8m sq. ft. of commercial property space in Dublin Docklands, the Agency’s Chairman said today.

Speaking at the International Corporate Restructuring Summit 2015 at Convention Centre Dublin in the Docklands, Frank Daly said NAMA, working with debtors, receivers and joint venture partners, have recorded a number of significant achievements in the Docklands:

  • Planning approval has been successfully obtained for four major Docklands sites – including Boland’s Mill, 76 Sir John Rogerson’s Quay and 5 Hanover Quay
  • Construction is already underway at one site - 8 Hanover Quay, which has been pre-let to international online accommodation business Airbnb and is scheduled for completion in March 2016
  • Planning applications have been submitted for six further sites – Capital Docks, City Quay, Spencer Dock, Project Wave, the Exo Building (at Point Village) and Block 5 (at Mayor Street).
  • The remaining 5 major sites in which NAMA has an interest will see applications for planning permission lodged in late 2015 and early 2016.

"NAMA is delivering on its mandate and much more in addition," said Mr Daly. "We are facilitating the fast and coherent delivery of urgently-needed Grade A office space, retail space and new homes in the strategically important Dublin Docklands and the Dublin Central Business District."

NAMA, through debtors, receivers and joint venture partners, has an interest in 14 major sites in the Docklands SDZ which total 16.74 hectares (41.25 acres, representing 75pc of all undeveloped land in the SDZ).

Delivery of individual sites is being managed on a site-by-site basis, with NAMA’s role involving the provision of funding, entering into joint ventures or putting place de-risking mechanisms to maximise the return for the taxpayer in accordance with NAMA’s commercial risk/return strategy.

Residential development progress

Mr Daly also said NAMA is confident of meeting its target of delivering 4,500 new homes by the end of 2016.

"We delivered close to half of all the new homes built in Dublin last year – despite having an interest in just one third of the available land in Dublin," he said.

"We have a major strategy in place to deliver housing on every acre of viable residential zoned land within our portfolio in Ireland".

NAMA teams up with Central Statistics Office (CSO)

Mr Daly also outlined a new NAMA initiative to improve the availability of reliable data on the Irish commercial property market:

"The Irish and particularly Dublin office supply is highly cyclical and lack of reliable data has been a key factor in the market failure that we witnessed in recent years. For instance, no one can accurately state Dublin’s net capacity to absorb new office supply and other key demand and supply metrics," said Mr Daly.

We are in the early stages of developing, in partnership with the CSO and other parties, a Commercial Property Statistical System for the Irish market.

Our aim is that the CSO will independently produce reliable commercial real estate data, on a permanent basis, to facilitate better planning, development, lending and investment decisions – for the benefit of improving economic planning the country as a whole".